497 1 d760635d497.htm BLACKROCK BASIC VALUE V.I. FUND BlackRock Basic Value V.I. Fund

BLACKROCK VARIABLE SERIES FUNDS, INC.

BlackRock Basic Value V.I. Fund

(the “Fund”)

Supplement dated March 14, 2024 to the Summary Prospectus and the

Prospectus of the Fund, each dated May 1, 2023, as supplemented to date

Effective immediately, the following changes are made to the Fund’s Summary Prospectus and Prospectus, as applicable:

The section of the Summary Prospectus entitled “Key Facts About BlackRock Basic Value V.I. Fund — Portfolio Managers” and the section of the Prospectus entitled “Fund Overview — Key Facts About BlackRock Basic Value V.I. Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:

 

Name   

Portfolio Manager of

the Fund Since

   Title
Tony DeSpirito    2019   Managing Director of BlackRock, Inc.
David Zhao    2019   Managing Director of BlackRock, Inc.

The section of the Prospectus entitled “Details About the Fund — How the Fund Invests — About the Portfolio Management Team of the Fund” is deleted in its entirety and replaced with the following:

 

ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND
The Fund is managed by a team of financial professionals. Tony DeSpirito and David Zhao are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team.

The section of the Prospectus entitled “Management of the Funds — Portfolio Manager Information — BlackRock Basic Value V.I. Fund” is deleted in its entirety and replaced with the following:

 

Portfolio Manager    Primary Role    Since    Title and Recent Biography
Tony DeSpirito    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2019    Managing Director of BlackRock, Inc. since 2014.
David Zhao    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2019    Managing Director of BlackRock, Inc. since 2016.

Shareholders should retain this Supplement for future reference.